v3.25.2
Share-Based Compensation
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Stockholders' Equity SHARE-BASED COMPENSATION
In May 2021, the Company adopted its 2021 Omnibus Equity Incentive Plan (the “2021 Plan”), which provides for the granting of stock options, warrants, restricted stock awards, restricted stock units, deferred stock units, performance stock units and other equity-based compensation to the Company’s employees, non-employee directors and other service providers. The 2021 Plan serves as the successor to the Company’s 2010 Omnibus Equity Incentive Plan (the “2010 Plan”). Following the adoption of the 2021 Plan, the Company is no longer making grants under the 2010 Plan, and the 2021 Plan is the only plan under which equity awards are granted. However, awards previously granted under the 2010 Plan will remain outstanding until vested, exercised or forfeited, as applicable.
There were 17,754,197 shares authorized for grant under the 2021 Plan and 11,610,977 shares remaining available for future issuance at June 30, 2025.
Stock Options and Warrants
The Company has not granted stock options or warrants since 2019. The following table summarizes the Company’s stock option and warrant activity as of and for the six months ended June 30, 2025:
Number of
Shares		Weighted-
Average
Exercise Price		Weighted-Average
Remaining
Contractual Term
(Years)		Aggregate
Intrinsic
Value
(In thousands)
Outstanding — December 31, 2024135,510 $61.08 
Granted— $— 
Exercised(65,960)$59.49 
Forfeited and Expired— $— 
Outstanding — June 30, 202569,550 $62.58 2.69$21,727 
Exercisable — June 30, 202569,550 $62.58 2.69$21,727 
Exercisable and expected to vest — June 30, 202569,550 $62.58 2.69$21,727 
The following table summarizes information about outstanding stock options and warrants as of June 30, 2025:
 OutstandingExercisable
Range of Exercise PricesNumber of
Shares		Weighted-
Average
Exercise
Price		Weighted-Average
Remaining Life
(Years)		Number of
Shares		Weighted-
Average
Exercise
Price
$19.85 - $25.00
4,494 $19.85 0.664,494 $19.85 
$25.01 - $35.00
— $— 0.00— $— 
$35.01 - $45.00
14,995 $39.48 1.7014,995 $39.48 
$45.01 - $65.00
— $— 0.00— $— 
$65.01 - $75.00
17,461 $65.50 2.5717,461 $65.50 
$75.01 - $80.00
32,600 $77.53 3.4932,600 $77.53 
 69,550 $62.58 2.6969,550 $62.58 
The Company recognized no share-based compensation expense related to the vesting of stock options awarded to employees and officers during the three and six months ended June 30, 2025 or 2024. As of June 30, 2025, there was no unrecognized compensation cost related to non-vested stock options.
Restricted Stock and Stock Units
The following summarizes the Company’s activity in its restricted stock awards and stock units, which include restricted stock units, deferred stock units and performance stock units, as of and for the six months ended June 30, 2025:
Restricted Stock AwardsStock Units
Number of
Shares		Weighted-Average
Grant-Date
Fair Value		Number of
Units		Weighted-Average
Grant-Date
Fair Value
Outstanding — December 31, 20246,291 $268.64 622,564 $232.77 
  Granted1,820 $372.50 303,425 $364.87 
  Vested(6,907)$277.90 (230,118)$239.59 
  Forfeited— $— (23,719)$317.62 
Outstanding — June 30, 20251,204 $372.50 672,152 (1)$287.07 
Expected to vest — June 30, 20251,204 $372.50 504,951 $317.62 
_______________________________
(1)    Includes 97,456 vested and undistributed deferred stock units.
The Company grants restricted stock awards and deferred stock units to its directors and restricted stock units and performance stock units to its employees and officers. Restricted stock awards and stock units must vest or are subject to forfeiture; however, restricted stock awards are included in shares outstanding upon grant and have the same dividend and voting rights as the Company’s common stock. The Company recognized $16.8 million and $17.3 million of share-based compensation expense related to the vesting of these restricted stock awards and stock units during the three months ended June 30, 2025 and 2024, respectively, and $32.6 million and $37.6 million during the six months ended June 30, 2025 and 2024, respectively. As of June 30, 2025, total unrecognized compensation cost for restricted stock awards and stock units was $134.4 million, which is expected to be recognized over a weighted-average remaining period of 2.2 years.
The Company also grants restricted stock units to its advisors and to institutions. The Company recognized share-based compensation expense of $0.8 million and $0.7 million related to the vesting of these awards during the three months ended June 30, 2025 and 2024, respectively, and $1.7 million and $1.4 million during the six months ended June 30, 2025 and 2024, respectively. As of June 30, 2025, total unrecognized compensation cost for restricted stock units granted to advisors and institutions was $5.2 million, which is expected to be recognized over a weighted-average remaining period of 1.9 years.